Windsor Essex Market Watch March 2014

Windsor Essex Market Watch March 2014

Market WatchThe First quarter of 2014 saw sales decline   23.14% %  compared to the first quarter of 2013.  Listings declined  19.8% compared to the first quarter of 2013.  At first glance one may think that the market is in decline, however this short term change was common across the province of Ontario and has primarily been attributed to the sever winter weather.   The long winter has kept many Buyers and Sellers indoors this year, which we feel is the main cause in the decline in sales and lower inventory.

We are anticipating a very strong spring.  We are now seeing an increase in the number of Buyers looking for a home.  The low supply of homes and increased demand should continue to place upwards pressure on home prices.  Despite lower sales volume, the average price was $182,792 compared to $175, 452 an increase of 4.2%.

Another factor that effects housing demand is employment. Windsor unemployment in March was 7.3%, compared to over 9% aprox. 1 year ago.  This should help the demand of homes going forward.   Consumer confidence and demand may also have been negatively affected during the first quarter as Chrysler was in the news quite often regarding the future of the Windsor Assembly Plant.

We have enclosed the First Quarter of 2014 Buckingham Report. 2014 First Quarter Market Watch (2)

We have taken the time to break out each area, which is helpful in getting a general idea about how each area is performing.  Windsor and Essex County is unique as it has has some areas with an average home price of aprox $95,000 and other with an average home price of over $250,000.

A better indication of trends in each area can be found by looking at the ten year averages.  Please visit the Annual Market Report for Trends by Area.

 http://www.cameronpaine.com/windsor-essex-market-watch-by-area/

 

Spring is here 2014 Cameron